E1-1 reporting amounts on the four basic financial statements

E1-1 Reporting Amounts on the Four Basic Financial Statements [LO2] Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, (c) what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Negative amounts should be indicated by a minus sign. Omit the “$” sign in your response.) Assets $ 19,260 Liabilities 14,540 Stockholders’ Equity 4,720 Revenue 10,530 Expenses 9,280 Net income 1,250 Dividends 680 Beginning Retained Earnings 3,620 Ending Retained Earnings 4,190 Cash Flows from Operating Activities 1,670 Cash Flows from Investing Activities (1,460 ) Cash Flows from Financing Activities (870 ) Beginning Cash 1,170 Ending Cash 510 Required: a. Assets = + = $ + $ Assets reported = $ b. Net income = – = $ – $ Net income reported = $ c. Ending Retained Earnings = + – = $ + $ – $ = $ d. Ending Cash = + + + = $ + $ + $ + $ = $

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